SMM Daily Review - 2012/2/16 Zinc Market-Shanghai Metals Market

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SMM Daily Review - 2012/2/16 Zinc Market

SMM Insight 09:09:12AM Feb 17, 2012 Source:SMM

SHANGHAI, Feb. 17 (SMM) -- On Thursday, SHFE three-month zinc contract prices opened lower at RMB 15,820/mt due to weakened LME zinc prices overnight, and inched down below the moving average in the morning session. At the end of trading, SHFE three-month zinc contract prices dipped to RMB 15,525/mt as LME zinc prices fell below USD 2,000/mt level, and rallied to close at RMB 15,605/mt, down RMB 365/mt or 2.29%.

In domestic spot markets, discounts of #0 zinc against SHFE 1205 zinc contract prices were between RMB 250-270/mt, with traded prices between RMB 15,400-15,430/mt, and with transactions concentrating at the low end. Discounts of #1 zinc were between RMB 320-350/mt, with traded prices around RMB 15,350/mt. Downstream buying interest improved due to narrowing discounts, while traders also purchased actively, keeping transactions brisk.
 

Key Words:  zinc 

SMM Daily Review - 2012/2/16 Zinc Market

SMM Insight 09:09:12AM Feb 17, 2012 Source:SMM

SHANGHAI, Feb. 17 (SMM) -- On Thursday, SHFE three-month zinc contract prices opened lower at RMB 15,820/mt due to weakened LME zinc prices overnight, and inched down below the moving average in the morning session. At the end of trading, SHFE three-month zinc contract prices dipped to RMB 15,525/mt as LME zinc prices fell below USD 2,000/mt level, and rallied to close at RMB 15,605/mt, down RMB 365/mt or 2.29%.

In domestic spot markets, discounts of #0 zinc against SHFE 1205 zinc contract prices were between RMB 250-270/mt, with traded prices between RMB 15,400-15,430/mt, and with transactions concentrating at the low end. Discounts of #1 zinc were between RMB 320-350/mt, with traded prices around RMB 15,350/mt. Downstream buying interest improved due to narrowing discounts, while traders also purchased actively, keeping transactions brisk.
 

Key Words:  zinc